The Financing will be for a maximum of $250,000 resulting in 2,500,000 Units being issued. Funds will be used to advance the Tabasquena project and for general corporate purposes.
VVC is raising up to CA$2.0 million (US$1.5 million) in a non-brokered private placement of units of the Company at a price of CA$0.05 per Unit.
Greg Crowe, President and CEO of Silver One stated: “The discovery of an undeveloped native silver prospect, with such high grades from near transported vein fragments, is extremely rare. This is particularly true in an active mining area such as Globe, Arizona. Nearby historic mines have reportedly produced significant quantities of native silver and silver mineralization in the late 1800’s. However, most recent exploration and exploitation in the region has been focused on copper, not silver, and a large portion of the Phoenix Silver property is covered by overburden.”
“Our underground development program is confirming Lupita Extension as an important contributor to the future of Mercedes,” commented Stephen McGibbon, Executive Vice-President. “We are now working to determine how best to bring this newest discovery to production.”
“The foundation of value creation for any mining company is increasing reserves, and Hecla’s silver, lead and zinc reserves are the most in our 129-year history,” said Phillips S. Baker, Jr., President and CEO.
“The Santa Elena vein offers an excellent exploration target and is close to our current milling infrastructure,” said Salvador Garcia, Chief Operating Officer of the Company.
Prime Mining’s COO Greg Liller notes, “The current sampling program continues to provide key information regarding the total Los Reyes gold and silver resource. The resource modelling work underway by Stantec will be updated with these new sampling results.”
Greg Crowe, President and CEO commented: “Our agreements in principle with SSR Mining and Maverix allow Silver One to convert its final US$1.0 million payment in SVE shares to SSR Mining into a future commitment based on commercial production of not less than 2.5 million ounces of silver per annum at Candelaria.”
Significant intersections of gold mineralisation over substantial widths commencing close to surface were returned.
The Company intends to use the net proceeds of the Offering to fund additional exploration on its Los Ricos project, particularly at the Monte Favor target on the project which the Company has yet to drill, and for corporate development and general corporate purposes.
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